The vote on the change in the corporate structure of the Tyrolean crystal group Swarovski at the shareholders’ meeting on Friday took place. Around 80 percent of the shareholders approved the restructuring of the group. For CEO Robert Buchbauer, this was a “legally binding” decision. The oppositional family group from the Fritz tribe saw it differently. They assumed that this would require unanimity.
According to Buchbauer, a family holding company is to be created based in Wattens. After the management and the advisory board, the vast majority of the shareholders would now have clearly supported and enabled the path to structural reform, said Buchbauer. With the entry of Swarovski International Holding (SIH), based in Switzerland, into Daniel Swarovski Kommanditgesellschaft, all necessary structural reforms could be carried out quickly, in a targeted and solid manner. At the same time, the property rights of all shareholders would be preserved. The SIH is entirely held by the family holding company (SAH).
The family group around Gerhard, Paul, Helmut and Nadja Swarovski described this family holding company as a “toothless entity”. The entire decision-making power would de facto migrate to Switzerland. The Swiss holding company would get the lion’s share via a capital grant, the shares of the shareholders would be completely diluted.
Since the family group considers unanimity among the shareholders to be necessary, changing the group structure would also be illegal. The four members of the opposition will therefore take “all legal remedies” to assert the nullity in court. In addition, it was mentioned at the meeting that there is a Tyrolean bank that would be willing to take over the financing in Wattens – but only under a new group management, as the family group said. It is therefore not true that there is no alternative to the corporate restructuring.
Buchbauer now wants to implement the resolutions in any case, he said in a broadcast. “The path of transformation must be followed,” said the CEO. The transformation also includes a strategic realignment of the company. “The realignment of our core areas, increased efficiency and the sustainable security of the company are still our goals,” said Buchbauer. Meanwhile, Buchbauer announced that there would be no dividend distribution this year. “We will not exceed the breakeven point,” he said earlier.
*The article has been translated based on the content of Source link by https://www.sn.at/wirtschaft/oesterreich/swarovski-konzernumbau-mit-80-prozent-angenommen-94924321
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